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Iran's oil reserves will last 70 years: deputy minister

Tehran, Feb 7, IRNA - Iran has oil reserves in 70 years, and is ranked second oil-rich country after Saudi Arabia, deputy minister of oil said here on Wednesday. Gholam-Reza Nozari added that Iran has 630 and 137 billion barrels of in-situ and oil reserve respectively.

Pointing to the second phase of Darkhowain oil field becoming operational with the capacity of 100,000 barrels of oil per day in the next year, he noted that the third phase of the field is under study for increasing the production capacity to 200,000 barrels per day.

Nozari, who is also head of the National Iranian Oil Company (NIOC), declared that the current production capacity of crude oil in Iran is 4.2 million barrels per day, adding, "The amount will increase to 4.5 and 5.1 million barrels per day at the end of the Fourth and Fifth Five-Year Plan respectively."

Underlining the need for return of capital in Yadavaran oil field from the Chinese side, he said that the NIOC will not compromise its principals and interests.

The company has allocated dlrs 100 million to launch some projects in the oil field including construction of main roads and fixation of current wells, he added.

"Since the negotiation between Iran and China on Azadegan oil field has not yet borne fruit, and we have not set a deadline on Yadavaran field," he said.

Referring to presentation of discount on gas price in favor of India and Pakistan, he noted that there is no discount, and the gas price will be counted based on a pricing formula.

According to the agreements achieved in Tehran session, Pakistani and Indian envoys have a month opportunity to attain their officials' confirmation in this respect.

Turning to the high record of oil agreements during a couple of months in result of reviews in buy-back contracts, he noted that foreign giant oil companies had properly welcomed tenders of 17 Iranian oil blocks in Vienna.

Nozari dismissed the rumors on artificial contracts between Iran and the two giant international oil company of Shell and Repsol, adding that such important companies cannot easily sign make-believe contracts, because they are under pressure, thus, Iran will continue discussions with the companies to reach the Final Investment Document (FID) step of the contracts.

Touching on the presence of Shell Company in Vienna to participate in the tender ceremony of the 17 exploratory blocks of Iran, he noted that this shows the companies' willingness to invest in the Islamic Republic's oil sector.

... Payvand News - 2/8/07 ... --

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